Using Review Points in SMSF Sorted

Using Review Points in SMSF Sorted

Overview

This article will explain how to use Review Points on a job in SMSF Sorted.

What are Review Points?

Review Points are internal notes on a job. They must be referenced to a particular Observation, or to the Statement of Financial Position or Operating Statement


Each Review Point will have a heading and body of text.
There are two ways to access Review Points, either from the Job Dashboard, or via the Job Summary link in the upper left of each job.

Job Dashboard

From the Job Dashboard, navigate to the Review Points panel in the lower centre of the screen, and click either the Open or Closed count



Job Summary

Click on the dropdown from the Job Summary in the upper left of the job screen, then click Queries & Review Points, then click the Review Points tab




Adding a Review Point

  1. From the Review Points screen, click Add Review Point



  2. The Add Review Point screen will appear.



  3. Select a Reference for the Review Point. References available are as follows:

               Fund Process
    1. Statement of Financial Position
    2. Operating Statement

      Observations
    3. Market Value
    4. Pension Limit
    5. Tax Effective Allocation of Pension Payment (Member Level)
    6. Preservation Components for Member above 65
    7. Lump Sum Payment
    8. Preservation Components
    9. Tax Component Verification (Accumulation)
    10. Tax Component Verification (Pension)
    11. Work Test
    12. Contribution Cap Limit
    13. Negative Balance
    14. Contra Bank Entires
    15. Client Missing Data
    16. Income Comparison
    17. Benefits Paid to Member < 60
    18. Retirement Condition
    19. Tax Effective Allocation of Pension Payment (Pension Account Level)

  4. For this example, we will use Member Benefit paid < 60. Enter a Query Heading, then add text in the Query section.



  5. To add attachments, click the button, navigate to the appropriate document, then click Open to attach to the Review Point
  6. When you have completed typing the Review Point, click 

Using Review Points

Once a Review Point has been raised, it will be put in the Open tab, and as more Review Points are created, a list will appear on the left side of the page. Clicking on the appropriate item on the left, will display the Review Point details on the right, along with checkboxes to action the Review Point



A Review Point can be marked as:
  1. No Action Required
  2. Notes for Accountant
  3. Notes for Auditor
If marked as No Action required, the remaining two are disabled.
You can select both Notes for Accountant and Notes for Auditor if required.

Click the Address button to move the Review Point out of Open to the appropriate tab.

From the Job Dashboard, you will see a summary of Review Points, and how they were addressed









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